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The successful sale of the asset must be highly probable, signified by both: - The management's commitment to the asset-selling plan; and - Existence of active marketing to support the sale of the asset. The management's decision is also required for that sale proceeds and then the Fair value could be ascertained. [citation needed]
When normal operations are discontinued, adjusting and closing entries are made. Thus, only the assets, liabilities and partners' equity accounts remain open. If non-cash assets are sold for more than their book value, a gain on the sale is recognized. The gain is allocated to the partners' capital accounts according to the partnership agreement.
A sale is a transfer of property for money or credit. [2] In double-entry bookkeeping, a sale of merchandise is recorded in the general journal as a debit to cash or accounts receivable and a credit to the sales account. [3] The amount recorded is the actual monetary value of the transaction, not the list price of the merchandise.
In financial accounting (CON 8.4 [1]), a gain is when the market value of an asset exceeds the purchase price of that asset. The gain is unrealized until the asset is sold for cash, at which point it becomes a realized gain. This is an important distinction for tax purposes, as only realized gains are subject to tax.
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company's debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit. The total of the debits must equal the ...
Update: Big Lots says it reached a deal in late December to keep hundreds of U.S. stores open. Big Lots is preparing to close all of its stores, the bankrupt discount retailer said Thursday. The ...
The sales journal is used to record all of the company sales on credit. Most often these sales are made up of inventory sales or other merchandise sales. Notice that only credit sales of inventory and merchandise items are recorded in the sales journal. Cash sales of inventory are recorded in the cash receipts journal.
Kris Jenner’s favorite daughter hasn’t changed!. While playing a fun game of ‘This or That’ in a video posted on the Instagram account of daughter Kylie Jenner’s clothing line Khy on Dec ...